Allied Farmers’ inspector shall been incapable to confirm the company’s financial declaration and cannot shape a view on its going concern position.

PricewaterhouseCoopers publish a strongly qualified view on Allied’s financial statements in the country services and finance company’s yearly statement published to the market this very morning.

The inspector stated that there was inadequate proof to confirm whether the corporation shall be able to produce adequate cash flows by its financial support initiatives to meet the criteria of going concern supposition.

Associated Farmers get over the possessions and loans of Eric Watson and Mark Hotchin’s Hanover finance companies in a liability for equity swap previous December.

The corporation has since written down the worth of the loan books from $396.2 million to $94.3 million.

In 2008, the Hanover and United assets were assessed at $516.6 million.

Allied’s yearly statement illustrate a pro forma loss of $79.1 million for the year till June. The effect stand for the group with no subsidiary Allied Nationwide Finance and that was positioned in receivership on August 20.